Fifth Third Bancorp v. Dudenhoeffer
| Docket No. | Op. Below | Argument | Opinion | Vote | Author | Term |
|---|---|---|---|---|---|---|
| 12-751 | 6th Cir. | Apr 2, 2014 | Jun 25, 2014 | 9-0 | Breyer | OT 2013 |
Holding: When a decision by a fiduciary of an "employee stock ownership plan" (ESOP) to buy or hold the employer"s stock is challenged in court, the fiduciary is not entitled to a "presumption of prudence." Instead, ESOP fiduciaries are subject to the same duty of prudence that applies to Employee Retirement Income Security Act (ERISA) fiduciaries in general, except that they need not diversify the fund's assets.
Judgment: Vacated and remanded, 9-0, in an opinion by Justice Breyer on June 25, 2014.
SCOTUSblog Coverage
- Opinion analysis: Court rejects presumption of prudence for ESOP fiduciaries (Timothy Simeone, June 26, 2014)
- Argument analysis: No coach class fiduciary duties? (Timothy Simeone, April 4, 2014)
- Argument preview: Court to address presumption of prudence for ERISA fiduciaries (Timothy Simeone, March 28, 2014)
- Court grants two new cases (UPDATED) (Lyle Denniston, December 13, 2013)
- Petition of the day (Mary Pat Dwyer, March 21, 2013)
| Date | Proceedings and Orders |
|---|---|
| 12/14/2012 | Petition for a writ of certiorari filed. (Response due January 22, 2013) |
| 01/15/2013 | Order extending time to file response to petition to and including February 22, 2013. |
| 01/22/2013 | Brief amicus curiae of Keycorp filed. |
| 01/28/2013 | Consent to the filing of amicus curiae briefs, in support of either party or of neither party received from counsel for the petitioners. |
| 02/22/2013 | Brief of respondents John Dudenhoeffer, et al. in opposition filed. |
| 03/05/2013 | Reply of petitioners Fifth Third Bancorp, et al. filed. |
| 03/06/2013 | DISTRIBUTED for Conference of March 22, 2013. |
| 03/25/2013 | The Solicitor General is invited to file a brief in this case expressing the views of the United States. |
| 11/12/2013 | Brief amicus curiae of United States filed. |
| 11/25/2013 | Supplemental response filed by petitioners Fifth Third Bancorp, et al. |
| 11/26/2013 | DISTRIBUTED for Conference of December 13, 2013. |
| 11/26/2013 | Supplemental brief of respondents John Dudenhoeffer, et al. filed. (Distributed) |
| 12/13/2013 | Petition GRANTED limited to Question 1 presented by the petition. |
| 01/08/2014 | SET FOR ARGUMENT ON Wednesday, April 2, 2014 |
| 01/14/2014 | Record received from U.S.C.A. 6th Circuit. The record is electronic. |
| 01/27/2014 | Joint appendix filed (3 volumes). (Statement of costs filed) |
| 01/27/2014 | Brief of petitioners Fifth Third Bancorp, et al. filed. |
| 01/28/2014 | Consent to the filing of amicus curiae briefs, in support of either party or of neither party, received from counsel for the petitioners. |
| 01/30/2014 | Consent to the filing of amicus curiae briefs, in support of either party or of neither party, received from counsel for the respondents. |
| 02/03/2014 | CIRCULATED. |
| 02/03/2014 | Brief amicus curiae of KeyCorp filed. (Distributed) |
| 02/03/2014 | Brief amicus curiae of Delta Air Lines, Inc. filed. (Distributed) |
| 02/03/2014 | Brief amici curiae of Chamber of Commerce of the United States of America, et al. filed. (Distributed) |
| 02/03/2014 | Brief amicus curiae of Securities Industry and Financial Markets Association filed. (Distributed) |
| 02/03/2014 | Brief amicus curiae of ESOP Association filed. (Distributed) |
| 02/26/2014 | Brief of respondents John Dudenhoeffer, et al. filed. (Distributed) |
| 02/26/2014 | Letter proposing a lodging of material published in Tax Notes, March 2014, received from counsel for respondents. filed. (Distributed) |
| 02/28/2014 | Proposal of counsel for respondents to lodge copies of an unpublished article cited to in their brief on the merits. |
| 03/04/2014 | Brief amicus curiae of AARP filed. (Distributed) |
| 03/05/2014 | Brief amicus curiae of United States filed. (Distributed) |
| 03/05/2014 | Motion of the Solicitor General for leave to participate in oral argument as amicus curiae and for divided argument filed. |
| 03/05/2014 | Brief amicus curiae of American Federation of Labor and Congress of Industrial Organizations filed. (Distributed) |
| 03/05/2014 | Brief amici curiae of Law Professors filed. (Distributed) |
| 03/21/2014 | Motion of the Solicitor General for leave to participate in oral argument as amicus curiae and for divided argument GRANTED. |
| 03/24/2014 | Reply of petitioners Fifth Third Bancorp, et al. filed. (Distributed) |
| 04/02/2014 | Argued. For petitioners: Robert A. Long, Jr., Washington, D. C. For respondents: Ronald Mann, New York, N. Y.; and Edwin S. Kneedler, Deputy Solicitor General, Department of Justice, Washington, D. C. (for United States, as amicus curiae.) |
| 06/25/2014 | Judgment VACATED and case REMANDED. Breyer, J., delivered the opinion for a unanimous Court. |
| 07/28/2014 | JUDGMENT ISSUED. |
Issue: Whether the Sixth Circuit erred by holding that respondents were not required to plausibly allege in their complaint that the fiduciaries of an employee stock ownership plan abused their discretion by remaining invested in employer stock, in order to overcome the presumption that their decision to invest in employer stock was reasonable, as required by the Employee Retirement Income Security Act of 1974, 29 U.S.C. “” 1101 et seq. (“ERISA”), and every other circuit to address the issue.